Five judge Bench to deal with pleas on depositing scrapped notes

A five judge Constitution Bench, which would decide the validity of the Centre´s November 8, 2016, decision to scrap Rs 500 and Rs 1,000 notes, would also deal with the pleas seeking to deposit the demonetised currency, the Supreme Court said on Friday.

ABench headed by Chief Justice Dipak Misra disposed of as many as 14 petitions, seeking its nod to deposit scrapped currency notes on the ground that they could not be deposited during the window period provided by Reserve Bank of India (RBI) due to compelling reasons.

It asked the petitioners to file interlocutory pleas in the pending petition to be dealt with by the Constitution Bench.“We think it appropriate that the writ petitioners shall file interlocutory pleas in the pending writ petition before the Constitution Bench,” the Bench, also comprising AM Khanwilkar and DY Chandrachud, said.

The top court said it has not opined on the merits of the validity of the ordinance or on the demonetisation decision, which would be dealt with by the larger bench along with the individual grievances.Attorney General KK Venugopal, appearing for the Centre, said the persons, who have approached the court for depositing scrapped notes, would not be prosecuted with regard to the amount specifically mentioned in their petitions.

Some petitioners claimed they have not challenged the constitutional validity of either the provisions of the RBI Act or the Centre´ notification, but they want to deposit their demonetised currency notes.

The Business Standard, New Delhi, 04th November 2017

Get link

Facebook

Twitter

Pinterest

Google+

Email

Other Apps

Get link

Facebook

Twitter

Pinterest

Google+

Email

Other Apps

Comments

Post a Comment

Popular posts from this blog

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

New money laundering norms stump jewellery sector Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low The central government has notified the money laundering rules for the gems and jewellery sector with immediate effect. Now, any entity deals in precious metals, precious stones, or other high-value goods and has a turnover of Rs 2 crore or more in a financial year will be covered under the Prevention of Money Laundering Act, 2002 (PMLA, 2002). The limit of Rs 2 crore would be calculated on the basis of the previous year’s turnover, said the notification. The directorate general of goods and service tax intelligence has been appointed under the Act. Sources said the government’s move to apply the PMLA to the jewellery sector was a fallout of income-tax raids on jewellers soon after demonetisation last November, when it was found that they sold gold and jewellery at a huge premium and accepted old currency notes as payment. The notification, issued on Augus…

Confusion over branded food GST
The GST Council's statement over the weekend on applying tax on branded food items has left most of the trade confused.

Even though the Council has not changed the rates on food -0 per cent on unbranded stuff and 5 per cent on brands -many small traders who didn't levy GST earlier said they could come under the 5 per cent slab after the clarification.

While they predicted some increase in consumer prices, large players said they can absorb GST in many ways and keep prices steady.

"Trade is confused and hence on behalf of our chamber, we have asked our members to go ahead and charge 5 per cent GST," said Sushil Sureka, general secretary of the Ahilya Chamber of Commerce and Industry in Indore.

The statement clarifying the application of GST came after some businesses were found deregistering their brands and selling under corporate brand name without paying tax, after the Council exempted unbranded food from the new all-encompassing indirec…